Group 1 - The core viewpoint of the article is that Citigroup expresses optimism regarding Xindong Company's recent business developments, including a HKD 400 million share buyback plan and a USD 37.18 million acquisition of IP assets related to "Torchlight" [1] - The share buyback plan aligns with management's previous commitment to prioritize buybacks, which is expected to enhance shareholder returns and strengthen market confidence [1] - The potential performance of the overseas game "Xindong Town" is still uncertain, but if it exceeds market expectations, there could be further upside potential [1] Group 2 - Citigroup believes that through enhancing shareholder returns and actively developing products, Xindong Company can further consolidate market confidence and encourage investors to increase their positions [1] - The target price set by Citigroup for the company is HKD 82, with a rating of "Neutral (High Risk)" [1]

花旗发表研究报告指，对心动公司近日公布的多项业务发展感到乐观，包括为期5个月的4亿港元自动回 购计划，呼应管理层此前提及会优先考虑回购的承诺；拟斥3718万美元收购《火炬之光》相关IP资产， 可进一步加强集团在未来游戏和IP开发的自主性；虽然目前评估海外《心动小镇》的表现尚早，但如果 游戏表现超越市场预期，当中仍存在进一步上行空间。该行认为，心动公司透过增强股东回报及积极开 发产品，应可进一步巩固市场信心，促使投资者加仓。该行予公司目标价82港元，评级为"中性(高风 险)"。 ...

Group 1 - The core viewpoint of the report is that Xindong Company (02400) maintains a "buy" rating, showcasing confidence in its development through a HKD 400 million share buyback plan [1] - The company expects revenue growth from its core games "Xindong Town" and "Torchlight: Infinite" driven by new activities, IP collaborations, and seasonal updates [1][3] - The upcoming game "RO2" is anticipated to attract attention, and the TapTap platform is expected to expand its user base with several high-profile game launches [1][2] Group 2 - The company announced a share buyback plan of up to HKD 400 million over five months, reflecting long-term confidence in its growth [1] - The peak seasons of winter vacation and the Spring Festival are expected to boost domestic revenue for "Xindong Town," with its international version set to launch on January 8, 2026, featuring a collaboration with the well-known IP "My Little Pony" [1][3] - The report highlights that the ADN business, based on TapTap's leading algorithm, has significant growth potential, with a projected increase in revenue driven by algorithm improvements [2][4] Group 3 - "Xindong Town" has seen a rise in the iOS game sales ranking in mainland China, reaching 14th place due to new events and collaborations [3] - The "Torchlight: Infinite" game has experienced a 632% increase in monthly revenue due to the SS10 season launch, with its highest ranking reaching 26th in the iOS game sales chart [3] - TapTap's monthly active users reached 43.63 million in the first half of 2025, showing a 1% year-on-year increase, while its revenue grew by 33% year-on-year, indicating the effectiveness of advertising algorithm improvements [4]

Group 1 - The core viewpoint of the report is that Xindong Company (02400) maintains a "buy" rating, showcasing confidence in its development through a HKD 400 million share buyback plan [1] - The company expects revenue growth from its core games "Xindong Town" and "Torchlight: Infinite" driven by new activities, IP collaborations, and seasonal updates [1][3] - The upcoming game "RO2" is anticipated to attract attention, and the company aims to expand its user base on the TapTap platform through multiple high-profile game launches [1][2] Group 2 - The report highlights that the TapTap platform is expected to maintain high growth due to continuous improvements in advertising algorithms, with a projected revenue increase of 33% year-on-year in H1 2025 [4] - The company has adjusted its net profit forecasts for 2025-2027 to CNY 1.507 billion, 2.006 billion, and 2.387 billion respectively, reflecting a cautious outlook based on the performance of the game "Yise" [2] - The active user base of TapTap reached 43.63 million in H1 2025, showing a 1% year-on-year increase, indicating improved user engagement [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company announced a share buyback of up to HKD 400 million over five months, reflecting confidence in long-term development [5] - The upcoming holiday season is expected to boost revenue for the core product "Heart Town," with the international version set to launch on January 8, 2026, and has already garnered over one million global pre-registrations [5] - The company is optimistic about growth driven by festive events, regional expansion, and new game launches, with several high-profile mobile and PC games expected to launch in 2026 [5] - The performance of the game "Iser" in the domestic market has led to a downward revision of net profit forecasts for 2025-2027 [5] Financial Summary and Valuation Metrics - Revenue projections are as follows: - 2023: HKD 3,389 million - 2024: HKD 5,012 million - 2025: HKD 6,353 million - 2026: HKD 7,620 million - 2027: HKD 8,441 million - Year-over-year growth rates for revenue are projected at: - 2024: 47.9% - 2025: 26.7% - 2026: 20.0% - 2027: 10.8% [8] - Net profit projections are as follows: - 2023: -HKD 554 million - 2024: HKD 812 million - 2025: HKD 1,507 million - 2026: HKD 2,006 million - 2027: HKD 2,387 million - Year-over-year growth rates for net profit are projected at: - 2024: 1077.3% - 2025: 85.7% - 2026: 33.2% - 2027: 19.0% [8] - The current price-to-earnings (P/E) ratios are projected as follows: - 2025: 20.8 - 2026: 15.6 - 2027: 13.1 [8]

Market Overview - The Hong Kong stock market indices showed strong performance, with the Hang Seng Index rising by 1.38% to close at 26,710.45 points, and a total trading volume of HKD 291.76 billion [1] - The Hang Seng Tech Index increased by 1.46%, closing at 5,825.26 points, indicating a positive sentiment in the technology sector [1] Blue Chip Performance - China Hongqiao (01378) led the blue-chip stocks, rising by 6.14% to HKD 35.26, contributing 10.84 points to the Hang Seng Index [2] - Other notable performers included JD Health (06618) up 5.41%, Ping An Insurance (02318) up 4.96%, while Alibaba (09988) fell by 1.31% [2] Sector Highlights - The capital market is heating up, with financial stocks, particularly Chinese brokerage firms, showing significant gains. For instance, Jiufang Zhitu (09636) surged by 18.84% [3] - The non-ferrous metals sector performed strongly, with notable increases in Aluminum Corporation of China (02068) up 8.05% and Zhaojin Mining Industry (01818) up 7.29% [4] Commodity Trends - Commodities such as gold, silver, and copper have seen rising futures prices, driven by geopolitical tensions and supply constraints [5] - The aluminum market is particularly affected by supply threats, with prices expected to remain high due to production risks [5] Autonomous Driving Sector - The autonomous driving sector is gaining traction, with companies like Zhejiang Shibao (01057) rising by 21.53% following announcements from NVIDIA regarding advancements in self-driving technology [6] - NVIDIA's new AI platform is expected to stimulate demand for autonomous taxis, supporting global economic growth [6] Commercial Aerospace Developments - The commercial aerospace sector is experiencing growth, with companies like JunDa Co. (02865) rising by 8.01% due to recent developments in the industry [6] - The acceleration of the commercialization of space is anticipated to enhance the performance and valuation of related companies [6] Notable Stock Movements - Xindong Company (02400) increased by 6.04% after announcing a significant share buyback plan worth HKD 400 million [7] - Hesai Technology (02525) rose by 5.9% after being selected as a lidar partner for NVIDIA's platform and announcing plans to double production capacity [8] - Cathay Pacific (00293) faced pressure, declining by 2.6% due to a share placement by China National Aviation [9]

| 證券代號 (如上市) | 02400 | 說明 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 USD | | 0.0001 | USD | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | 0 | | 本月底結存 | | | 1,000,000,000 USD | | 0.0001 | USD | 100,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 心动有限公司 | | | | | | 呈交日期: | 2026年1月6日 | | | | | | I. 法定/註冊股本變動 | | | ...

每经AI快讯，心动公司(02400.HK)高开4%，截至发稿，涨4%，报68.85港元，成交额280.91万港元。 ...

消息面上，心动公司公布，于1月5日与独立经纪商订立一份股份回购协议，经纪商获委聘运作自动股份 回购计划，已协定参数，由经纪商在联交所回购最多4亿港元股份。该集团指，自动股份回购计划的期 限将直至2026年6月4日，于最终到期日前，倘回购股份所动用的金额达致价值4亿港元，经纪商有权指 定较早到期日。在任何情况下，预期自动股份回购计划于刊发截至2025年12月31日年度业绩直至最终到 期日整段受限制期间内有效。 心动公司(02400)高开4%，截至发稿，涨4%，报68.85港元，成交额280.91万港元。 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 心动公司（02400）早盘高开逾4%，截至发稿，股价上涨4.23%，现报69港元，成交额2284.37万港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 心动公司（02400）早盘高开逾4%，截至发稿，股价上涨4.23%，现报69港元，成交额2284.37万港元。 消息面上，心动公司公布，于1月5日与独立经纪商订立一份股份回购协议，经纪商获委聘运作自动股份 回购计划，已协定参数，由经纪商在联交所回购最多4亿港元股份。该集团指，自动股份回购计划的期 限将直至2026年6月4日，于最终到期日前，倘回购股份所动用的金额达致价值4亿港元，经纪商有权指 定较早到期日。在任何情况下，预期自动股份回购计划于刊发截至2025年12月31日年度业绩直至最终到 期日整段受限制期间内有效。 消息面上，心动公司公布，于1月5日与独立经纪商订立一份股份回购协议，经纪商获委聘运作自动股份 回购计划，已协定参数，由经纪商在联交所回购最多4亿港元股份。该集团指，自动股份回购计划的期 限将直至2026年6月4日，于最终到期日前，倘回购股 ...